The use of the word “Growth” and “Crypto” in the same sentence is something that many traders and investors of the Blockchain space continue to see in the news, at least, in the last 24months. The rapid growth of the cryptocurrency market today might have been predicted by many analysts, but not all would have envisaged that it would be this gigantic.
However, the growth, as always with every growth, has also come with its cons. In new research been released to the press by a crypto analyst, it was unfortunately discovered that the growth of crypto-ransomware had been more than 300% in 2020, compared to the figures of 2019.
Ransomware attack grew exorbitantly in 2020
For the unaware, Crypto Ransomware typically describes a situation where scammers create a harmful program that possesses computer devices intending to extort money from the device owners. The scammers who act like typical criminals prey on their victim’s negligence and openness to attack them. The new document showing the detailed analysis of the Ransomware suggested that about $21 billion was lost due to crypto-ransomware in 2020, compared to the weaker figures of 2019.
The report in his detail also predicted that 2021 would not see as much as 2020 due to its projected factors that worked for 2020. The analysts who compiled the report believed that the economic implication of the harsh effect of Covid-19 had forced a lot of scammers out of their shells, who sort out a variety of innovative ways to scam crypto users.
However, the data suggest that the reopening of several economies due to Vaccines’ availability should lower the figures for the year to below $5 billion. 2020 had also seen the condemned ransomware attacks target hospitals, which led to the loss of money and lives, as attackers have encroached on the system’s vulnerability in place.
The lower the Ransomware attack, the better for the Cryptocurrency world
The effects of the high crime rate surrounding any investment or booming sector are primarily predicted to affect the space negatively. The case might be the same for the cryptocurrency space, which is already booming beyond words at the moment. Cryptocurrencies like Bitcoin and Ethereum continue to lead the park for others to follow. A random look at others suggests that 80% of them are not struggling, proof that the market will continue to rise.
The mainstream adoption of cryptocurrencies into many countries’ system might start to be threatened if the crypto-ransomware attacks continue to be on the rise; however, with the data available and following the predictions of the crypto report, which predicted that figure would fall by at least 250% by the end of 2021. Crypto enthusiasts, analysts, traders, and investors will hope that the prediction is a reality amidst seeing much more positivity prevail in the booming cryptocurrency space.